Concho Resources’ 2Q17 production
Concho Resources’ (CXO) production in 2Q17 was 184.7 Mboepd (thousand barrels of oil equivalent per day). Its 2Q16 production was ~145.0 Mboepd. In the previous quarter, CXO reported production of 181.0 Mboepd.
As we can see above, Concho has been delivering higher production in almost every quarter since 3Q15, while delivering positive free cash flow (capital expenses minus cash flow from operations).
CXO’s management noted in the 2Q17 earnings release, “This quarter’s solid operating results are supported by the capital efficiency of our program, which we see improving further as we move to large-scale development. Going forward, we will continue to focus on executing a disciplined capital program funded within cash flow.”
2Q17 price realizations
Concho’s production and capital guidance for 2017
Concho Resources’ production guidance range for 3Q17 is 186 Mboepd–190 Mboepd. For fiscal 2017, CXO’s production growth guidance range is 24.0%–26.0%. The company expects its oil production to grow more than 25.0%. It expects its capital expenditures (excluding acquisitions) in 2017 to be between $1.6 billion and $1.8 billion.